The innovative and pioneering economy of the past has given way to today’s economy. In the 1800s, all that was essential to the town was a mercantile where all goods could be purchased and trade was easily enabled. Today, Tucsonans look at a much larger-scale economy in terms of trade and tourism. The economy of Tucson is growing rapidly, fueled largely in part by young families and retired couples that are moving to Tucson every day.
The biggest contribution to the economy of Tucson is the dairy industry, followed closely by tourism. Produce such, as lettuce, cauliflower, and broccoli are the major crops of Arizona. Among other industries that are thriving in Tucson are industrial manufacturing and manufacturing electrical instruments and equipment. Arizona also leads the nation in copper production, many copper mines were shut down when copper prices plummeted in the 1970s.
Although the economy in Tucson is expanding every day, there are some who feel that the tax system is in need of a serious overhaul. The recent history of Tucson reflects that need and the subsequent change to make the need met. Taxes for both business owners and property owners were said to be a problem statewide. Doctors and medical personnel also felt that malpractice insurance has gotten out of hand, forcing much medical personnel to leave Arizona and set up practices in surrounding states. The chamber of commerce and the legislature have made it a priority to institute tax relief, and the benefits appear to be finally paying off.
To ease the tax burden, the City of Tucson, Pima County, and the private business community are committed to a pro-business environment that will promote and sustain economic and job growth for Greater Tucson.
Since 1991, Arizona has seen an overall decrease in tax burden. In addition, great strides have been made in the form of technology and research tax credits. Direct financial incentives include Workforce Training Grants, State Tax Credits, Federal Tax Credits, Federal Grant Bonus Points, Hub Zone Contracting, Program Fee Waivers & Refunds, Revolving Energy Loans, Pollution Control Equipment, Credit Central Business District, Property Tax Abatement, Reduced of Property Taxes (by Reclassification) and finally, the government has reduced State Taxes (by Accelerated Depreciation of Personal Property). In short, the city of Tucson saw a need that needed to be met in order to incentive businesses to move to the area and they met that need with glowing colors…and then some.